Clients at small banks and credit unions report significantly higher levels of satisfaction with teller service than individuals doing business with large banks and megabanks, like Bank of America, Chase and Wells Fargo...
Denver, CO (Vocus/PRWEB) March 15, 2011
Tellers have a huge impact on how customers feel about a financial institution. Clients at small banks and credit unions report significantly higher levels of satisfaction with teller service than individuals doing business with large banks and megabanks, like Bank of America, Chase and Wells Fargo, according to a new study, Customer Experience with Teller Transactions by Prime Performance, which advises banks on improving the client experience.
Prime Performance data shows that small bank customers give their teller service a net score of 92 percent. The comparable score for credit unions was 91 percent and for large banks it was 87 percent, which is also the national average. Falling below that were: Chase, 77 percent; Bank of America, 82 percent; and Wells Fargo, 84 percent.
A net score is the percent of satisfied customers minus the percent of dissatisfied ones. A score of 100 percent is perfect.
These findings and others come from the Prime Performance 2010 Bank and Credit Union Satisfaction Survey. The survey polled more than 6,000 customers of credit unions, small banks, large banks and three mega-banks – Bank of America, Chase and Wells Fargo.
“For most customers, tellers don’t just represent the bank. They are the bank. That’s why their behavior and attitudes are so important. Tellers can affect customer loyalty, satisfaction and retention. Successful service depends on simple actions. These include greeting the customer immediately upon entering the lobby, smiling, using the customer’s name, saying “thank you” and being helpful. Quick, accurate transactions are crucial, but most banks excel at this. So, it isn’t a competitive advantage,” said Jim Miller, Prime Performance president.
Prime Performance survey results measured precisely how various teller actions affected customer satisfaction:
- Transaction speed and accuracy. A quick, accurate transaction satisfies 90 percent of customers and displeases only 1 percent. However, slow and inaccurate transactions satisfy only 27 percent of customers and dissatisfy 22 percent.
- Wait time. The net satisfaction score drops from 90 percent to 23 percent when customers wait too long for service. This occurs in 5 percent of teller transactions.
- Valuing customers’ time. The net satisfaction score falls from 92 percent to 27 percent when customers feel their time is not valued.
- Friendliness. Ninety percent of customers are satisfied – and only 1 percent are dissatisfied -- when tellers are friendly. This results in an 89 percent net score. Unfriendly tellers cut the net score by 74 percent -- to 15 percent. Friendliness is demonstrated by thanking customers, smiling, making eye contact, greeting customers and using the customer’s name. Other friendliness indicators include starting the transaction by asking “How may I help you?” and finishing with “Is there anything else I can help you with?”.
“All teller interactions with customers must be genuine. Going through the motions is not enough to deliver a superior emotional experience. Customers overwhelmingly react positively to authentic warmth. Conversely, they respond negatively to feigned sincerity,” Miller said.
Selected data from the study on teller performance show these net scores for financial institutions:
- Value my time. Small banks and credit unions did best, scoring 92 percent. All other institutions fell below the 88 percent national average. Other scores were: Chase, 79 percent; large banks and Bank of America, 85 percent; and Wells Fargo, 86 percent.
- Used customers’ names. All institutions need to do a better job in this area. The national average is 59 percent. Bank of America and Wells Fargo did best with scores of 64 percent. Other net scores were: Small banks, 61 percent; credit unions, 60 percent; large banks, 59 percent; and Chase, 45 percent.
- Teller enjoys his/her job. Small banks led in this category with a net score of 91 percent. Credit unions followed closely with 90 percent. Wells Fargo scored 87 percent, which was the national average. Other scores were: Chase, 77 percent; Bank of America, 82 percent; and large banks, 86 percent.
A full copy of the Prime Performance Customer Experience with Teller Transactions study can be found at: http://primeperformance.net/2010researchteller/
About Prime Performance
Headquartered in Denver, Prime Performance works with financial institutions to increase profits by developing and implementing a superior client experience. Since 1989, the company has specialized in measuring the customer experience through live phone interviews and providing the tools and training needed for banks, credit unions and other financial institutions to elevate the level of service they provide their customers. Learn more about Prime Performance by visiting the company online at http://www.primeperformance.net/.